Going through a divorce can be an event that is stressful and can take up a lot of time, and there are a lot of different issues you will need to resolve before you can finalize the divorce. One issue most couples must resolve involves dividing up the debts they have. If you have debt as a married couple, here are some tips to help you ensure that you divide it fairly in your divorce.
Research All Your Debt
The best thing you can start off doing is researching all the debt you have. If you do this, you will be able to find out exactly how much debt you owe and who you owe money to. It is important to find out all debts in your name, your spouse's name, and both names. If you do not find this out beforehand and discover debts after the divorce, you might end up responsible to pay those debts yourself, primarily if they are in your name only.
To research this, look through your bills and look up your credit reports. Most debts are listed on credit reports, especially if they are debts for loans or credit cards. When you find all the debts, create a list and give it to your attorney.
Split in Half by Names
In most states, spouses are equally responsible for all debts of a marriage, no matter whose name is on the debts. If you have a lot of debts, you can begin dividing them by names. For example, if you have a couple debts in your name, you could take those ones and be responsible to pay them. If your spouse has some in his or her name, he or she can have those. If you can divide the debts equally by doing this, it will be a lot easier for your divorce.
Aim for Getting Loans to Pay It Off
If you cannot equally divide up debts by the name they are in, you and your spouse should both consider getting your own loans. By doing this, each person can consolidate and put the debts in their own names for whatever debts they are each responsible for. This would simplify the matter and would make it easier to avoid conflicts with debts in the future.
Dividing debt is not an easy task to accomplish, but it is something most couples must deal with if they decide to get divorced. If you have questions about divorce, contact a divorce attorney today like Franklin & Rapp.